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California and which shall indemnify, insure and provide legal defense for both the Investment Banker and the City against any loss, claim or damage arising from any injuries or occupational diseases occurring to any worker employed by or any persons retained by the Investment Banker in the course of carrying out the work or services contemplated in this Agreement. (c) Automotive Insurance. Business automobile liability insurance, or equivalent form, with a combined single limit of not less than $1,000,000 per occurrence. Said policy shall include coverage for owned, non-owned, leased and hired cars. (d) Professional Liability or Error and Omissions Insurance. A policy of insurance in an amount not less than $1,000,000.00 per claim or as is customary for the work to performed under this contract with respect to loss arising from the actions of Investment Banker performing professional services hereunder on behalf of the City. All of the above policies of insurance shall be primary insurance and shall name the City, its officers, employees and agents as additional insureds. The insurer shall waive all rights of subrogation and contribution it may have against the City, its officers, employees and agents and their respective insurers. All of said policies of insurance shall provide that said insurance may not be amended or canceled without providing thirty (30) days prior written notice by registered mail to the City. In the event any of said policies of insurance are canceled, the Investment Banker shall, prior to the cancellation date, submit new evidence of insurance in conformance with this Section 4.1 to the Contract Officer. No work or services under this Agreement shall commence until the Investment Banker has provided the City with Certificates of Insurance or appropriate insurance binders evidencing the above insurance coverages and said Certificates of Insurance or binders are approved by the City. CANCELLATION: SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATED THEREOF, THE ISSUING COMPANY SHALL MAIL THIRTY (30)-DAY ADVANCE WRITTEN NOTICE TO CERTIFICATE HOLDER NAMED HEREIN. The Investment Banker agrees that the provisions of this Section 4.1 shall not be construed as limiting in any way the extent to which the Investment Banker may be held responsible for the payment of damages to any persons or property resulting from the Investment Banker's activities or the activities of any person or persons for which the Investment Banker is otherwise responsible. The insurance required by this Agreement shall be satisfactory only if issued by companies qualified to do business in California, rated "A" or better in the most recent edition of Best Rating Guide, The Key Rating Guide or in the Federal Register, and only if they are of a financial category Class VII or better, unless such requirements are waived by the City Attorney due to unique circumstances. 4.2 Indemnification. \[Note: our counsel suggests the following text in lieu of this Section 4.2: